
There are fears for a number of local jobs after Teva Pharmaceutical Industries announced yesterday that it will be cutting around 10% of its global workforce as part of a cost-cutting scheme.
Around 5,000 jobs are expected to be lost at the company, which has a commercial facility in the Finnabair Industrial Estate in Dundalk.
The Israeli company ranks among the top 20 pharmaceutical companies in the world and employs nearly 500 people in Ireland between its facility in Dundalk and its manufacturing plant in Waterford.
Teva specialises in the development, production and marketing of generic and proprietary branded pharmaceuticals as well as active pharmaceutical ingredients.
Teva Pharmaceutical Ireland’s commercial arm is based in Dundalk and is responsible for managing the sales and support services for Teva’s large portfolio of products.
Products available cover a wide range of therapeutic areas including cardiovascular health, central nervous system, respiratory, pain relief and infection control. Dosage forms include extended and immediate release tablets and capsules, injectables, creams, ointments, solutions, suspensions and inhalers. The company’s proprietary research and development pipeline is currently focused primarily on three niche specialty areas: neurological disorders, autoimmune diseases and oncology.
Teva hopes to save $2 billion a year by the end of 2017, with $1 billion in savings earmarked for next year.